“More is coming to the intermediary market than previously imagined,” sums up PERFORMANCE magazine and announces a multi-part series on the subject of VVR. What problems are currently being discussed? The Handelsblatt criticises that the “quality offensive” provides for exceptions for veteran intermediaries and for “young coffee or glasses saleswomen who only occasionally push a policy over the counter”. Another point of criticism: in order to meet the requirements of the directive, a suitable contract is sufficient – it does not have to be the best possible one. This would hardly improve the image of the industry. PERFORMANCE, on the other hand, sees risks for the broker: Even with good advice, formal errors could have long-term and serious consequences. Beyond that the sheet warns: A consulting renouncement by form, as offered by the ‘working group’ and other market participants, is ineffective according to Dr. Johannes Fiala.” The magazine KURS points to a completely different problem: Since all forces are focused on the implementation of the directive, there is a lack of energy for urgently needed product innovations. Finally, the VVR could also get product providers into trouble, writes Ralf Geiling in AssCompact: In case of “faulty sales documents, deceptive representations or concealment of considerable risks” the liability trap is looming. According to VersicherungsJournal, many financial service providers are already caught in this trap: According to an investigation, many homepages do not comply with the requirements of the VVR and the Telemedia Act. A look at the press shows: There is still a lot to be done and a lot to be clarified. A collection of current articles is available free of charge upon request.
(Kommunikate GmbH Newsletter June 2007)
Courtesy ofwww.kommunikate.de.
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Dr. Johannes FialaPhD, MBA, MM
Dr. Johannes Fiala has been working for more than 25 years as a lawyer and attorney with his own law firm in Munich. He is intensively involved in real estate, financial law, tax and insurance law. The numerous stages of his professional career enable him to provide his clients with comprehensive advice and to act as a lawyer in the event of disputes.
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